## Definition

Odds are the probability of a betting proposition occurring. The format used to express this varies in different localities but the key types are fractional (e.g. 2/1), decimal (e.g. 3.0) and American or Moneyline (+200.00). Each type corresponds to a percentage, for example in the previous examples, the proposition has an implied 50% probability.

The percentage probability for fractional odds can be calculated by dividing the lower figure by the one above (1/2= 33%).

The percentage probability for decimal odds can be worked out by dividing 1 by the decimal (1/3.0= 33%)

The rules for Moneyline odds are more complex and depend on whether the odds are plus or minus, For plus, the formula is 100 / ( 'plus' moneyline odds + 100 ) (100 / 200 + 100 = 33%).
Contributed by: Ralph Windsor

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## Featured Video

#### How To Convert Odds

Betting Expert video on how to convert odds and calculate implied probability.

Odds Converter
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An on-line calculator which will automatically convert odds between fractional, decimal and American (Moneyline) format.

How To Convert Odds
http://www.bettingexpert.com/how-to/convert-odds

Betting Expert site which has a comprehensive article explaining how to work out implied probability from odds (and vice-versa).